India Intelligence Report

  ONGC Pitches Brazil Stake


In a first ever foray into Brazil, Oil & Natural Gas Corporation (ONGC) has pitched to acquire a 30% stake in the Campos Basin oilfield valued at USD 400 million. Investment sources say that ONGC will possibly get 15-20% of the stake that Exxon Mobil I selling because existing partners Shell and Petrobras will possibly expand their holdings in the basin. Part of the this partnership will required reciprocal investment by Shell and Petrobras in India’s New Exploration and licensing Policy (NELP) VI offering.

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